The upcoming Women’s T20 World Cup will be the first ICC event where women will receive the same prize money as their male counterparts, marking a significant milestone in the sport’s history.

This decision was taken at the ICC Annual Conference in July last year, when the ICC Board took the step of reaching its prize money equity target seven years ahead of its schedule of 2030, making cricket the only major team sport to have equal prize money for its men’s and women’s World Cup events.

For the upcoming October 3-20 tournament, which will now be staged in the United Arab Emirates (UAE), the winners of the tournament will receive US$2.34 million, a massive, 134 per cent increase on the $1 million awarded to Australia when they clinched the title in South Africa last year. The runners-up will receive US$1.17 million, up from $500,000, while the two losing semi-finalists will earn US$675,000, up from $210,000, with the overall prize pot totalling US$7,958,080, a massive increase on the US$2.45 million dished out last year.

This move is in line with the ICC’s strategy to prioritise the women’s game and accelerate its growth by 2032. Teams will now receive equal prize money for the equivalent finishing position at comparable events as well as the same amount for winning a match at those events. The ICC Men's T20 World Cup 2024 event prize money is only higher on account of 10 additional teams participating and 32 more matches played.

Each win during the group stages will see teams take home US$31,154, while the six teams who fail to reach the semi-finals will share a pool of US$1.35 million depending on their finishing positions.

In comparison, the equivalent pool for the six teams in 2023 was US$180,000, shared equally. Teams who finish third or fourth in their group will take US$270,000 each, while the teams who finish fifth in their group will both receive US$135,000.

All 10 participating teams are assured of US$112,500.

The increase in prize money for this year's ICC Women’s T20 World Cup comes in line with the prize pot for the ICC Women’s Cricket World Cup 2022, also increasing to US$3.5 million in total.

The ICC Women’s T20 World Cup will get going on October 3, with Bangladesh taking on Scotland at Sharjah Cricket Stadium.

There has been a minor change to the schedule for the double-header on Saturday, October 5, in Sharjah, with Australia now facing Sri Lanka in the curtain-raiser and Bangladesh will lock horns with England in the feature encounter. A total of 10 teams will play 23 matches in Dubai and Sharjah to decide the 2024 champions.